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. as part of a health-care law new 320% tax on investment income of single taxpayers earning $200,000, goes into effect. these amounts are not indexed for inflation and with scheduled expiration of the 2001-2003-2010 tax relief at the end of this year capital gains will be subject to a 23.8% tax beginning in 2013, 59% increase. the united states has the most progressive tax system in the industrialized world. to make it more progressive by raising tax rate on capital gains. the top-10% of households pay 70% of all federal income taxes so when is enough achieved? 50 years ago a tax scholar wrote everything on the problem of capital gains has been said. i disagree. i think the issue of preferential treatment of capital gains is critically important with new evidence being generated as witnessed by the joint report of the staff of the joint committee on taxation and congressional budget office issued in june. we have a distinguished panel here with us today. i welcome each one of you to this hearing and we all have a desire to hear what these witnesses have to say. >> thank you. without object
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